There are probably an infinite number of reasons why one should consider updating their Will as part of their estate plan. Here are at least five reasons to consider doing so.
- If one or more of your beneficiaries have died, and if your Will does not designate alternative beneficiaries, then your property could be distributed to people designated under state law just as if you had died without a will.
- If you were recently married or added a child to your family since your last Will was written, your spouse or new child may be cut off from receiving any part of your estate.
- If your executor has passed away or is unable to serve, and your will does not designate a successor executor, then a court may have to appoint someone else to distribute your property. This person may be someone who you do not want to serve in that capacity.
- If you no longer own property listed in your Will, then distributions upon your death may become skewed. For example, if your Will gives cash to one beneficiary and property of equal value to another beneficiary, but the property was sold before you pass away, it may not be possible to ensure that your beneficiaries share equally in your estate as you may have wished.
- Persons you initially designated to receive part of your estate five or ten years ago may no longer be close to you now and you would not want them to share in your estate for any particular reason.
DeBlasio & Gower LLC can assist individuals, couples and families with estate planning issues. For more information, please visit our website at https://www.dgllc.net
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